Median Income Numbers for Georgia Go DOWN!
For the first time since means testing was instituted in 2005, the median income number in Georgia have gone down. This means that potential Chapter 7 debtors will have a more difficult time avoiding a "presumption of abuse" and the extra cost and hassle of means test calculations.
Here is a comparison table
Current Median Income Numbers Median Income numbers after November 1, 2009
Family size
1 $40,760 $40,691
2 $54,054 $55,258
3 $61,959 $61,104
4 $71,554 $68,502
Let's consider how this change affects you if you have a family of 4. If you file by October 31, 2009, you can have household income of $71,554 and still qualify for Chapter 7 without having to qualify under the means test. As of November 1, 2009, if you earn $71,554, the presumption of abuse arises and you must try to qualify by rebutting the presumption using the means test.
If your six month average gross income (April-September) is close to the current median income numbers and you expect the May-October numbers to be similar, it may make sense to try to file prior to November 1 – or at least to discuss this possibility with your lawyer.
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Pings on Median Income Numbers for Georgia Go DOWN!
Comments on Median Income Numbers for Georgia Go DOWN!
I practice in Massachusetts and was not surprised that most median family incomes across the country have declined. I found, though, that it is important to check every situation, because in fact the median family income for a household size of 2 in Massachusetts went up for cases filed after November 1, 2009 (although all other household sizes went down).
We provide a chapter 7 means test calculator on our website that allows comparison to an individual's income using the median family income figures from before and after November 1, 2009 (at http://bankruptcy.kelseytrask.com/PracticeMeansTest.htm )